BitMart has appointed Alvarez & Marsal (A&M) as its external financial adviser as the exchange reviews its financial position, stakeholder issues and arrangements for orderly withdrawals.
The move was published on September 9, 2026 in an official notice and a post from the exchange’s main X account.
The firm said A&M will work with BitMart and its legal advisers to assess available options and help draft a near-term action plan. That work is expected to cover current operations, assets, a possible orderly resumption of some business and other proposals from third parties. User comments are to be taken into account during the review.
Advisor Mandate and Next Steps
BitMart said relevant figures on withdrawals and assets will be released only after independent verification, which it cited as the reason for hiring A&M. A dedicated web portal for user feedback is due within five working days. Further details on feedback channels, how comments will be collected and the action plan itself are scheduled to appear on a rolling basis within three weeks.
The exchange also said it intends to appoint an independent third party in the near term to supervise operations and asset custody during this period. Queries about the announcement can be sent to AlvarezMarsal@bitmart.com. The company asked users to use lawful channels and to avoid harassment of staff.
The September 9 update follows an earlier commitment to provide a roadmap by that date. In August, BitMart said it was studying a potential restructuring as an alternative to a full wind-down, including phased resumption of certain operations alongside distributions to creditors, and had appointed White & Case as restructuring counsel. That August statement asked for patience while advisers completed their work.
Wind-Down Timeline and User Concerns
On July 26, 2026 BitMart announced an orderly cessation of platform operations. New registrations and deposits were to stop from that day, trading services from August 26, 2026, and full platform operations from January 31, 2027. The notice said withdrawals would remain available under applicable procedures.
Subsequent public discussion focused on how quickly those withdrawals were processed. Reports after the shutdown notice described withdrawals trickling out rather than moving at the pace many users expected. Later coverage by The Crypto Times reported users and staff seeking clearer disclosure of wallets, assets, and liabilities.
However, BitMart has not, in the September 9 notice, published reserve totals, a line-by-line asset inventory or a date-certain schedule for every pending withdrawal. It has instead tied disclosure of that data to A&M’s verification work.
Replies on X to the Chinese-language version of the announcement included demands for faster access to funds and criticism of repeated interim timelines. “Our agreement is directly with you, and you are solely responsible for returning our funds. We do not care about third parties or external advisors. We demand that you immediately lift the suspension on withdrawals and allow us full access to withdraw our money without further delay,” wrote a user.
Alvarez & Marsal is a global professional-services firm known for restructuring and turnaround work. Its public materials describe advisory work across distressed situations and, separately, a crypto advisory practice. The BitMart engagement, as described by the exchange, is limited to financial assessment, option analysis and support for a near-term plan.
Whether the process leads to a partial restart, a creditor-style distribution, or a combination of both remains subject to the review now under way. BitMart said it will consult the community on any business-resumption plan once such a plan is launched. Until the promised portal and three-week updates appear, users have only the current statement, the contact email and the earlier wind-down calendar as official reference points.
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